The explosive growth of journal literature during the last quarter century, compounded with price inflation and diminishing income, produced a serious crisis for academic libraries. Attempted solutions through multiple journal cancellations, transferring funds from monograph budgets, and devising allocation formulas have served only to anger faculty. A new approach is needed, based on resources management that evaluates and utilizes a range of options now available for accessing and delivering scholarly information. The experience of one library in its struggle with the crisis and its development of a new model for serials management is described.